Avalanche price analysis shows a distinctly bearish trend taking shape, as price continued its decline that was set on April 19. After initiating the current dip at a strong price level of $21, AVAX dropped 12 percent in a single day to drop down to $18.52. Another 10 percent dro...
Avalanche price analysis shows a distinctly bearish trend taking shape, as price continued its decline that was set on April 19. After initiating the current dip at a strong price level of $21, AVAX dropped 12 percent in a single day to drop down to $18.52. Another 10 percent drop has followed since, with AVAX currently sitting just below $17. Falling below the psychologically bullish zone at $17, the token could see the bearish trend extend to find support at $16. With the current decline, AVAX market cap fell to $5,526,290,690, with the token occupying the 16th rank in the crypto market.
The larger cryptocurrency market continues to show a larger bearish trend in place, as Bitcoin continued to dip into the early 27,000’s, whereas Ethereum lost another 4 percent to move down to $1,800. Among leading Altcoins, Ripple lost 5 percent to drop to $0.45, same as Cardano’s dip to lower down to $0.38. Meanwhile, Dogecoin saw a 6 percent decline to sit at $0.079, and Polkadot dropped to $5.87 with a 5 percent dip.
Avalanche price analysis: RSI crashes from its overbought position on 24-hour chart
On the 24-hour candlestick chart, Avalanche price analysis shows a steep decline in place, forming a descending triangle pattern. After falling below the $17 mark, AVAX price could struggle to set support and may continue to fall freely over the current trend. Price can also be seen falling below its 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $18.31.
The 24-hour relative strength index (RSI) can be seen falling distinctly on the daily chart. Previously occupying a high position within the overbought region at 71, AVAX RSI is expected to lower significantly. It currently shows decreasing market valuation at 41.43. Meanwhile, the moving average convergence divergence (MACD) curve can also be observed undergoing a bearish divergence, as the trend line moves below the signal line. AVAX trading volume rose over the past 24 hours, constituting mainly of selling trades.
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